As I promised yesterday with the update on residential sales, here are the land numbers for the four counties of the Northern Neck for the timeframe January 1 through July 31st. What you'll see below is a resounding lack of any type of trend. It says you just can't tell where this is going in terms of a market. We still have too much residential inventory for land to be seeing the sort of pick up in sales that we'd like.
All land sales Jan.1 through July 31 (4 counties)
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
74 |
68 |
61 |
83 |
71 |
956 |
| $ sold (millions) |
7.6 |
5.3 |
6.5 |
10.5 |
6.8 |
136.2 |
| Median sales price |
36,500 |
40,000 |
75,000 |
90,000 |
52,000 |
74,950 |
| Median days on market |
202 |
130 |
287 |
168 |
265 |
420.5
|
Wouldn't you agree? No clear trend in this five year sequence. Higher numbers in 2011 than any other year except 2014. Lower median sales price in 2015 than in the two preceeding years. Median days on market are up for those properties selling in 2015. Lots of inventory too!!
All waterfront land sales Jan. 1 through July 31 (4 counties)
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
22 |
24 |
31 |
35 |
27 |
427 |
| $ sold (millions) |
3.9 |
2.96 |
4.96 |
7.4 |
3.8 |
104.3 |
| Median sales price |
125,000 |
116,500 |
144,000 |
195,000 |
115,000 |
175,000 |
| Median days on market |
294.5 |
213 |
414 |
245 |
315 |
354
|
Waterfront land sales are fairly similar to the overall land sales in that there isn't really a trend. The two years with better sales than 2015 were 2013 and 2014. But look at the dollars....the 27 sales thus far in 2015 are not the equal in terms of dollars sold as the 22 sold in 2011. Median sales price this year is the lowest of the five years.....lots of median days on market for 2015. Clearly what we have here is no trend at all.
--Kathryn, Kathryn Murray, Principal Broker, 804-450-4442 cell
